Fund managers, page-6

Hi Saintex

I was a shareholder up until recently. Thesis was PEXA and the growth opportunities available to Link across the region.

I worked at Computershare for some time up until recently. I believe the Link business is competitive and is undervalued by the market. Over the last couple of years Link have deployed their technology across the Asia Pacific region, low cost operators. Over time they will take market share and grow market share without much effort.

Links Superannuation administration business is leaking customers, but they should hold by improving the business with recent management changes. Mercer is losing some customers in this space too as large Industry Funds choose to insource administration.

Best of Luck
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